Nigerian Government Seeks Alternate Funding To Maintain Its International Properties

The Nigerian Government is working toward seeking alternative funding sources for maintaining the country's government properties abroad, as well as creating or acquiring new properties for projects that are being established.

Michael Ohiani, the director-general of the Infrastructure Concession Regulatory Commission (ICRC), and the Minister of Foreign Affairs, Geoffrey Onyeama, met in Abuja to chalk out a plan for the same.

Onyeama said during the opening session of the meeting that the ministry's financial problems had become a severe issue due to many of its properties being neglected, underused, or improperly managed. "We want to turn those prime properties into money-making ventures, so, we have been looking for partners to come on board. We have to come up with a business model that works and is sustainable, we have to do something about these properties that we own and have an inventory of all our assets," he said, as per ICRC.

According to him, since the ministry was unable to develop the properties under the legislation of the host countries, they have been losing value over time, and some have even been lost.

Funding, personnel reductions, and changes in layouts are just a few of the problems that have left the nation's properties abroad in such a precarious state, he continued. Onyeama cited an example that one of Nigeria's embassy buildings was positioned just opposite a nightclub in a heavily commercialized location. "If you go on a tour to some of our facilities what you would see would make you want to cry. So, we have been trying to find some kind of solution to the challenges," he said.

Director General of the Infrastructure Concession Regulatory Commission (ICRC), Michael Ohiani said the committee performs due diligence on the private sector investors to determine their suitability for any PPP project as part of its regulatory responsibility, which also includes monitoring the entire PPP procurement process.

Janet Olisa, who oversees the Office of the Permanent Secretary, provided additional details regarding the choice by saying the ministry intended to use the PPP initiative's proceeds to maintain its missions and properties abroad. "We want to be able to do a PPP arrangement where the ministry brings in the property while the private investor brings the funds to revitalize the properties," she said.